WARRANT LIABILITY (Tables)

6 Months Ended

Oct. 31, 2022

Warrant Liability

SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY

The key inputs for the warrant liability were as follows as of October 31, 2022:

Key Valuation Inputs
Expected term (years)		4.88
Annualized volatility		81.2	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		4.29	%
Stock price	$	3.69
Dividend yield		0.00	%
Exercise price	$	8.60
Probability of fundamental transaction		85	%
Date of fundamental transaction		1.4 years to 4.9 years

U.S. GOLD CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

OCTOBER 31, 2022

The key inputs for the warrant liability were as follows as of April 30, 2022:

Key Valuation Inputs
Expected term (years)		5.39
Annualized volatility		84.2	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		2.92	%
Stock price	$	5.65
Dividend yield		0.00	%
Exercise price	$	8.60
Probability of fundamental transaction		85	%
Date of fundamental transaction		1.90 years to 5.4 years

SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the six months ended October 31, 2022:

	Warrant Liability
Fair value as of April 30, 2022	$	2,440,000
Change in fair value		(1,154,000	)
Fair value as of October 31, 2022	$	1,286,000